Margin Debt
Borrowed money used to buy securities.
Margin Debt is at the 100th percentile since 1998, near the top of its historical range.
$0.97T
100th percentile • 100% of the way to its prior froth peak
Historical context
Red bands mark major stress windows.
What this metric is telling us now
Margin debt rises when investors are using leverage to buy more stocks. A rapid increase often means more risk appetite and more vulnerability if prices turn.
Why it matters
High margin balances can amplify both upside and downside. A market with heavy leverage can feel more euphoric than fundamentals alone would suggest.
Source and caveats
- Source: FINRA
- Update frequency: Monthly
- Last updated: Jan 1, 2026
- Composite contribution: 100 subscore in Sentiment & Leverage; category score 75.75.
- Caveats: Margin debt trends can be slow and are impacted by regulatory changes and market structure. It is better used as a leverage backdrop than a standalone timing signal.
Methodology note
Each metric is oriented so higher means frothier, converted to a percentile against its own history, and then averaged within its category before the category scores are averaged into the composite.
This site is for educational and informational purposes only. It is not investment advice, financial advice, tax advice, or a recommendation to buy, sell, or hold any security, asset, or strategy. The metrics, the composite bubble score, and any alerts are not forecasts and are not a signal to act. Markets can stay overvalued or undervalued for long periods, and past patterns do not guarantee future results. The data is aggregated from third-party sources, is provided "as is," and may contain errors, gaps, or delays. Do your own research and consult a licensed financial professional before making any financial decision.